The pharmacogenomics market is estimated to be valued at US$ 33079.39 Mn in 2023 and is expected to exhibit a CAGR of 11.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Pharmacogenomics is a science that studies how genes affect individual's response to drugs. It analyses how inherited genetic differences influence drug response. Pharmacogenomics is enabling personalized medicines by identifying which medications or doses work best for each patient depending on their genetic makeup. The use of pharmacogenomic reduces the number of adverse drug events and healthcare costs by identifying patients that will not benefit or may be harmed by a drug.
Market Dynamics:
The growth of the pharmacogenomics market is driven by the increasing adoption of personalized medicine. Personalized medicine helps healthcare providers to customize medical treatment according to the patient's genetic expression and molecular profile. Pharmacogenomics plays a vital role in developing personalized medicines as it utilizes genomic data to determine proper drug and dosage for individual patients. Moreover, pharmacogenomic testing helps to identify genetic variations that can affect drug absorption, metabolism, effects and clearance from the body. This enables healthcare providers to prescribe safer and effective medications to patients. The increasing investment by key players to develop pharmacogenomics-based tests and drugs is also fueling the market growth. For instance, in October 2021, Abbott announced plans to invest USD 1 billion to develop genetic tests for cancer, heart disease, diabetes and neurological disorders. However, stringent regulatory policies and reimbursement issues associated with pharmacogenomic tests limit the market growth.
SWOT Analysis
Strength: Pharmacogenomics leverages genetic variability to determine individual therapeutic responses to drugs. This allows for precision medicine and personalized treatment plans. It ensures patient safety by avoiding adverse drug reactions. Rapid genotyping technologies have improved pharmacogenomic testing accuracy and accessibility.
Weakness: Limited knowledge and awareness among physicians regarding pharmacogenomic testing. High costs associated with genome sequencing and molecular diagnostic testing may hinder widespread adoption. Ethical concerns regarding genetic privacy and discrimination.
Opportunity: Growing geriatric population and rising prevalence of chronic diseases will fuel demand. Emerging economies offer significant market potential. Integration of pharmacogenomics with EHR systems provides a lucrative opportunity.
Threats: Stringent regulatory norms for genetic-based diagnostics may delay market expansion. Maintaining standard protocols for data interpretation and reporting poses challenges. Fierce competition from alternatives like disease biomarkers.
Key Takeaways
The Global Pharmacogenomics Market Size is expected to witness high growth, exhibiting CAGR of 11.1% over the forecast period, due to increasing prevalence of chronic diseases and growing demand for personalized medicine.
Regional analysis: North America dominates the global pharmacogenomics market currently, owing to favorable government initiatives and insurance coverage for genetic testing in the US and Canada. Asia Pacific is poised to be the fastest growing region due to rising healthcare expenditure, surge in medical tourism and untapped market potential in emerging countries like India and China.
Key players: Key players operating in the pharmacogenomics market are Admera Health, Abbott Laboratories, Agilent Technologies, Novartis AG, Dynamic DNA Laboratories, Empire Genomics, LLC., F. Hoffmann-La Roche Ltd., Illumina, Inc., OneOme, LLC, Myriad Genetics Inc., OPKO Health, Inc. (GeneDx.), Thermo Fisher Scientific, Inc., and AltheaDx.
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